Bite-size

October 15, 1999

Aerospace Alliance

The leading defense companies of France and Germany said Thursday they would merge, creating the world's third-largest defense contractor and one that would be a threat to America's dominance of the international arms market.

The merger between DaimlerChrysler Aerospace AG of Germany and France's Aerospatiale Matra SA was another step into the private sector for the formerly state-controlled firms, which have been shedding government ties and becoming more competitive.

``I doubt it would have much influence on us,'' said Mark Sullivan, a spokesman for jet engine maker Pratt & Whitney, based in East Hartford. ``We do have a strong relationship with one unit of DaimlerChrysler in Bavaria. But I don't see [the merger] as having any immediate impact on how Pratt operates.''

At Hamilton Sundstrand in Windsor Locks, spokesman John Mayo said both companies separately were good Hamilton customers, and the two together will continue to be good customers. ``With this merger, if Airbus is able to make new product offerings like the A3XX jumbo jet, then it could mean increased business for us,'' he said. ``We have a lot to be gained.''

Market Mixed

NEW YORK -- Stocks stumbled to a mixed finish Thursday, as strong corporate earnings and soaring bond yields prevented investors from charting any clear course.

At the close of a mercurial session, the Dow Jones industrial average was up 54.45, at 10,286.61. Broader stock indicators ended mixed.

Extended Trading OK'd

CHICAGO -- The Chicago Stock Exchange received approval Thursday from the Securities and Exchange Commission to extend its trading session until 6:30 p.m. Eastern time, and announced that the new sessions will begin Oct. 29.

The exchange, which accounts for about 3 percent of U.S. stocks traded daily, will be the first traditional market to expand its schedule.

The SEC also approved the Nasdaq Stock Market's plan to extend the hours of its stock quote information system to provide after-hours traders the same information on prices and trading volume that is available during the regular trading session.

Both SEC approvals mean the New York Stock Exchange's ticker will also be available to after-hours traders. The Consolidated Tape Association, the organization that runs the ticker, has said it would provide NYSE quote information to the Nasdaq and the Chicago exchange once the two markets received SEC approval for their after-hours proposals.

The extension of the tickers, which will go until 6:35 p.m. Eastern time, has raised questions about how Wall Street will determine a closing price for stocks. Some major players, including the mutual fund industry, have said they will continue to use 4 p.m. as their official closing time. Newspapers that print stock quotes are expected to decide individually on a closing price.

With each year, Halloween is becoming a bigger holiday for American families.

A survey by American Express found that consumers will spend an average of $98 on Halloween candy, decorations and costumes for themselves and their children, up from $81 last year. Of that amount, $30 will be spent on candy, $22 on costumes, $16 on pumpkins, $11 on other decorations, $11 to attend parties or other functions and $8 on home entertaining.